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Friday, 31 January 2014

Precious Metals are trading higher today with Gold at 1245.10, up 2.50 and Silver at 19.24, up 11 cents from the previous close. Prices may recover slightly but should decline later into the evening. Base Metals are trading lower today with Lead and Zinc being the worst performers losing over 1.0% each – three month Copper futures are trading at 7058.75, down 38.75 or 0.55%. Prices are likely to remain weak in the evening. Crude Oil is trading at 97.83, down 40 cents or 0.41% and Natural Gas is down 4.86, down 3.0% from the previous close. Oil may move higher whereas Gas is expected to weaken further.

After yesterday’s carnage, the market kick-started February series on a mildly higher note. The Sensex is at 20521, up 17.59 points while Nifty is at 6077, up 4 points. The rupee gained 17 paise to 62.39 against the dollar in early trade on Friday. Yesterday the rupee closed at 62.56 to the dollar. Dollar is at one-week high against a basket of major currencies. Globally, The Wall Street bounced back on Thursday boosted by positive earnings and on the back of the US economy expanding 3.2 percent. Europe too closed higher. In Asia, Japan opened positive in morning trade. However, trading volumes were thin due to the Chinese New Year holidays. On BSE, Midcap and Small cap are trading higher by 0.5% and 1.12% respectively. On sectoral front, Teck is the top performer to gain 1.17% while on downside, Autois trading lower by 0.26%.Further the market breath stands positive with 1211 shares are seen advancing against 447 declining shares.

Thursday, 30 January 2014

Volatility ruled the roost during the last one hour of trade as the key benchmark indices trimmed losses soon after extending intraday losses. The high volatility was triggered by traders rolling over of positions in the futures & options (F&O) segment from the near month January 2014 series to February 2014 series. The January 2014 F&O contracts expired today, 30 January 2014. The BSE Sensex closed down by 149 points at 20498, CNX Nifty shut shop down by 46.55 points at 6074.The market breadth, indicating the overall health of the market, was weak. In Nifty50 stocks the advances to declines stands at 14 to 35, 1 unchanged. With the exception of CNX Auto, all sectors traded on NSE closed in the red, with CNX PSU Bank (down by over 4%) worst hit.

Precious metals on CMX are trading lower since morning as US Federal Reserve cut their stimulus for the second time to $65 billion as economy is improving. Actively traded Gold contract tested a low of 1255.10 before settling at 1256.20, down almost half a percent or 6.0 an ounce while Silver is down around a percent or 16 cents to trade at 19.39 after having tested a low of 19.275. Base metals prices on LME are extending their last session’s losses since morning with Copper trading at 7123.00, down 5.75 points while Lead is losing most of the ground, ease almost a percent or 21 points to trade at 2125, followed by rest of the metals. WTI Crude Oil is gaining more than half a percent to trade at 97.88 while Natural Gas declined from its 4 years high to trade at 5.26, plunge around 4% or 20 cents per mmbtu on NYMEX.

The market has opened in negative terrain on January F&O expiry day, reacting to the Fed's decision to stick with its plan to continue to reduce its monthly bond purchases, which is now down to USD 65 billion, regardless of recent distress in emerging markets. The Indian rupee slipped in the early trade. It has opened lower by 49 paise at 62.90 per dollar versus 62.41 Wednesday. On International front, Asian stocks suffered heavy losses on Thursday amid fresh signs of a contraction in China's economy and following the Federal Reserve's decision to continue reducing its stimulus. US stocks dropped more than 1 percent on Wednesday, hitting session lows after the Federal Reserve stuck with its plan to scale back stimulus even in the midst of emerging market turmoil. On BSE, Midcap and small cap are trading lower with a decline of 1.09% and 1.16% respectively. On sectoral front, FMCG is leading the decline as all sector are under selling pressure with a fall of 2% as we write this.Further the market breath stands negative with 452 shares are seen advancing against 1187 declining shares.

Wednesday, 29 January 2014

Bullion prices are trading slightly positive with Gold trading up by 0.34% and Silver is higher by 0.57% at 1255.0 and 19.61 respectively. The near term outlook remains positive and we can see prices consolidating in a tight range. Base metals on LME are trading marginally higher with Nickel leading by a gain of 0.44% at 14208.0 and Copper is trading at 7168.0, higher by 0.30%. Intraday outlook remains positive for base metals and we can see prices moving higher in the following sessions. Crude Oil prices are trading at 96.94, below the crucial support of 97.00 and we expect prices to drift lower in the following sessions. Crude oil prices are lower by 0.47% or 46 cents as we write this. Natural Gas prices on NYM is at 5.04, slightly higher by 0.05% and we the intraday bias stands neutral for Natural Gas.

The market has opened in green with Nifty clenching 6150. The Nifty is up 34.35 points at 6160.60 while the Sensex is up 102.63 points at 20786.14. The rupee opened higher by 18 paise at 62.33 per dollar versus 62.51 Tuesday. The yen extends its pullback early this morning, while higher-risk currencies like Australian dollar rally after turkey stunned markets with a massive interest rate hike in an effort to stem capital flight from its economy. Globally, Asian equity markets rebounded on Wednesday after an aggressive rate hike from the Turkish central bank soothed worries over volatility in emerging markets. U.S. stocks rose on Tuesday after better-than-expected earnings shifted investors' eyes away from concerns that emerging markets may be cooling, which frayed nerves in global stock exchanges in recent sessions. On BSE, Midcap and Small cap are trading up by 0.73% and 0.84% respectively. On sectoral front Healthcare is the top performer to gain 1.55% while on down side, Metal is the only exception to trade in red, down by 0.35%.Further the market breath stands positive with advance decline ratio stands at 2:1.

Tuesday, 28 January 2014

Key benchmark indices registered small losses after the Reserve Bank of India (RBI) surprised markets by raising its main lending rate viz. the repo rate by 25 basis points to 8% after Third Quarter Review of Monetary Policy for 2013-14 and said that it is only by bringing down inflation to a low and stable level that monetary policy can contribute to reviving consumption and investment in a sustainable way.The BSE Sensex, was provisionally down 14.47 points or 0.07% & CNX Nifty shut shop down by 9.6 points at 6126. The market was volatile & alternately swung between positive and negative zone during the day. The market breadth, indicating the overall health of the market, was positive. In Nifty50 stocks the advances to declines stands at 30 to 19, 1 unchanged. Sectorwise CNX Metal is the outperformer while CNXIT underperformed the broader market.

Precious metals are trading lower with the front month contract trading at 1255.10; lower by 0.66% and Silver is at 19.76 an ounce, lower by -0.14% as we write this. The near term outlook remains negative and we expect prices to drift lower in the following sessions. Prices on domestic market are also lower by more than a percent as a weaker stronger rupee had weighed on prices to ease down in the past hours. Base metals on LME are trading mixed since morning with Copper trading at 7170.25, up 13.25 points while Lead is losing 0.67% or 14.50 points to trade at 2140.00 per metric ton. WTI Crude Oil is adding half a percent or 51 cents to trade at 96.23 per barrel. NYMEX Natural Gas is rising after the last session’s steep sell off and move up on the back of cooler weather forecast. Front Month Natural Gas is trading at 5.0, jump by 3% or 15 cents per mmbtu.

After yesterday’s carnage, the market opened on a flat note Tuesday. The Sensex is up 6.77 points at 20714.22, and the Nifty is down 4 points at 6131.85. The rupee opened lower at 63.18 per dollar versus 63.10 Monday. The dollar regains a firmer footing against the yen, as expectations that the US Fed will scale back its stimulus further pulled the dollar off a seven-week low against the yen. Emerging markets currencies remain under pressure, though most analysts believe a full-blown crisis is unlikely at the moment. Globally, the US markets ended lower following uncertainty ahead of the US Fed's two-day policy meet that begins today. Europe too ended in the red while Asian markets are flat in morning trade. On BSE, midcap and Small cap are trading positive with midcap up by 0.63% and small cap is higher by 0.73%. On sectoral front, Realty stands as best performer to edge 2.29% while on the flipside, FMCG is performing the worst, logging a decline of 1%, as we write this.Further the market breath stands positive with 1079 shares seen advancing against 655 declining shares.

Monday, 27 January 2014

Key benchmark indices slumped on the first trading session of the week as weakness in Asian and European stocks and a steep slide in US stocks on Friday, 24 January 2014, hit sentiment on the domestic bourses adversely. The BSE Sensex, fell below the psychological 21,000 mark to close at 20707, down by 426 points. The Sensex hit its lowest level in more than two weeks. The 50-unit CNX Nifty hit its lowest level in more than 5-1/2 weeks at 6136, down by 131 points.

The NSE volatility index, considered at times as an investor fear gauge, surged 18 percent today, reflecting the uncertainty. In Nifty50 stocks the advance to decline stands at 5 advances to 45 declines. All sectors traded in NSE closed in the red, with CNX Realty (down by 7.44%) worst hit.

Gold is trading at 1269.10 an ounce, up 4.80 on COMEX whereas domestic prices are higher by nearly a percent at 29785.0, up 261.0. COMEX Silver is higher by 0.835 to 19.93 an ounce where silver traded on MCX is up 1.30% or 579.0 to trade at 45270.0 per kilogram. Intraday bias is positive for both metals. Base Metals are having a mixed trading session with three month LME Copper futures trading at 7208.75, up 0.39% today while Nickel is down 145.0 or 1.0% to 14345.0 per ton. The intraday bias is positive for base metals. Crude Oil is higher by 34 cents to trade at 96.98 per barrel while Natural Gas extended its gaining momentum in the fourth day gaining 3.40% or 17 cents to 5.35 per mmbtu. On MCX, oil is up 45 points or 0.74% to trade at 6150.0 while Natural Gas is up over 6% to trade at 338.40. The intraday bias for oil is neutral and negative for Gas. The rupee has weakened to 63.14, depreciating 43 paise or 0.69% as the time of writing this; a weakening rupee has a positive effect on domestic commodities.

The market opened sharply lower today with Sensex down by more than 300 points to 20821.50 and Nifty eased 90 points to open the day at 6176.90. The rupee slipped in the early trade on Monday following weakness in global equity markets and currencies. The rupee fell by 22 paise to 62.88 per dollar as against Friday's closing value of 62.66. Meanwhile, the dollar slipped to a seven-week low against the yen on Monday as a sell-off in emerging market currencies late last week prompted investors to seek shelter in the safe-haven Japanese currency. Asian equities kicked off the week with sharp losses as fears over emerging markets continued to spook investors. On Friday, all three major US indices closed down 2 percent as emerging-market currencies took a beating amid growing worries about slowing Chinese growth and U.S. monetary policy. On BSE, Midcap and Small Cap are trading lower by 1.75% each while on Sectoral front, each and every sectors are trading in red with Auto leading by a decline of 2.77% followed by rest of the sectors.Further the market breath stands negative with 326 shares are seen advancing against 1241 declining shares.

Friday, 24 January 2014

Precious metals on COMEX are trading silent since morning after the last day’s steep gain on the back of weaker than expected economic releases from US. Actively traded Gold contract is down 3.30 points or 0.26% to trade at 1258.80 while Silver is trading at 19.96 with a minor decline of 0.27% or 6 cents an ounce. Base metals are extending their losses on LME due to weaker demand from the world largest economies. 3-month Zinc is leading the group, down 0.76% or 15.75 points to trade at 2028.25 while Copper is down 20 points or 0.29% to trade at 7194.50, followed by rest of the metals which are losing around half a percent each. NYMEX Natural Gas is continuing their gains for the straight four days on the back of cooler weather forecast for this month and trading at 4.87, gain more than 3% or 15 cents per mmbtu while Crude Oil is trading flat at 97.27 after having tested a high of 97.80 per barrel.

Key benchmark indices edged lower on the last trading session of the week after the Reserve Bank of India (RBI) governor's strong warning on inflation. Weakness in Asian and European stocks and overnight losses for US stocks also hit sentiment on the domestic bourses adversely. The BSE SENSEX closed at 211334 down by 240 points, CNX Nifty shut shop at 6267, down by 1.24% (-79 points).

The market breadth, indicating the overall health of the market, was weak. In Nifty 50 stocks the advance to declines stands at 8 advances to 42 declines. All eighteen sectoral indices traded on NSE closed in the red with PSU Bank index worst hit (down by 3.35%).

The market sees selling pressure on account of profit booking, tracking weak global cues. The Sensex slipped 83.01 points to 21,290.65, and the Nifty dropped 30.25 points to 6,315.40. The Indian rupee extending its weakness to two weeks high and to trade at 62.235, up 30 paise or half a percent. Asian markets were trading weak on Friday due to disappointing manufacturing data from China. On BSE, Small Cap is down 0.81% to trade at 6513.03 while BSE Mid Cap also ease 0.70% to trade at 6518.37. On Sectoral front, BSE Realty, BSE Capital Goods and BSE Bankex are the top losing counter among the all sectors, down around 1.5% each while BSE IT is the only sectors which is trading in green, up 0.21%.Further the market breadth stands negative with 354 shares advancing against 852 declining shares.

Thursday, 23 January 2014

Precious metals on CMX are trading lower since morning with Gold trading at 1237.50, down 1.10 points or 0.09% after having tested a low of 1230.80 while Silver is down 0.17%to trade at 19.805 an ounce. Bullion prices are heading towards the longest losing streak in a month, as expectations that the US Federal Reserve may again cut its stimulus. Base metals on LME are losing since morning due to weaker than expected manufacturing data from China. 3-month Nickel was top losing counter among the group, down 1.05% or 156 points to trade at 14640.00 while Copper tested a low of 7258.00 before settling at 7263.00, down around half a percent or 35 points, followed by the rest of the metals. WTI Crude Oil is trading almost flat at 96.68 after the last night’s steep gain while Natural Gas is extending their rallies to fresh two years high to trade at 4.773, up 1.73% or 0.08 points per mmbtu.

The market has opened on a flat note once again. The Sensex is down 11.84 points at 21325.83 and the Nifty is down 5.45 points at 6333.50. The Indian rupee is trading at 62.0, up 0.28% and continued its last session's depreciation on the back of a stronger dollar index. On Global front, Asian Equities were trading weak on Thursday. China's Shanghai Composite fell 0.21 percent or 4.40 points at 2,047.35. Hong Kong's Hang Seng plunged 1.20 percent or 275.87 points at 22,806.38. Singapore's Straits Times shed 0.41 percent or 12.85 points at 3,120.89. On BSE, BSE Mid Cap is trading in red at 6581.13, down 0.22% while Small Cap is trading higher by 0.18%. On Sectoral front, BSE IT is losing most of the ground, down more than a percent and leading the all BSE sectors except BSE Capital Goods which surge more than 2% to trade at 9931.74.Further the market breadth stands neutral with 585 shares advancing against 575 declining shares.

Wednesday, 22 January 2014

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Key benchmark edged higher as Asian and European stocks rose after China's short-term interest rates fell after China's central bank pumped in an usually large amount of funds into the money markets to pre-empt a potential liquidity crisis, as demand for cash rises ahead of the Lunar New Year holiday. The barometer index, S&P BSE Sensex, and the 50-unit CNX Nifty eked out small gains to close at 6314 up by 10 points.The market breadth, indicating the overall health of the market, was positive. In Nifty50 stocks the advance to declines stands at 28 to 22 stocks. In NSE, sector wise BankNifty(up by 1.49%) was the leader in today’s market, followed by CNX Finance & PSU Bank, CNXIT the worst hit after yesterday’s stellar performance.

Precious Metals are trading in red today – Gold futures are down 2.60 and Silver is down 0.04 to trade at 1239.10 and 19.83 an ounce respectively on COMEX; prices in the domestic market are also down nearly half a percent to trade at 29150.0 and 44315.0 today. Base Metals traded on LME are also trading lower today, copper is down 36.5 or 0.50% to 7308.50 per ton while Aluminum is the worst performer today, losing 0.61% to trade at 1790.0 at the time of writing this. Both, precious and base metals are likely to trade with a negative bias. Crude Oil is up 0.46% to trade at 95.25 per barrel while Natural Gas is up sharply to trade at 4.49, up 1.35% from the previous close. Oil and Gas is expected to trade with a positive bias today.

The market looks fatigued in morning trade and trading lower but later on recovered some of losses as the IMF said that India is likely to clock an economic growth rate of 4.6 percent this financial year and the expansion may improve to 5.4 percent in 2014-15. The Sensex is down 53.47 points at 21197.65. The Nifty is down 17.60 points at 6296.20. The Indian rupee is trading at 61.9675, depreciate by 0.13% or 8 paise. On Global front, Asian equities traded mixed on Wednesday following an uninspiring lead from US peers and as caution set in ahead of regional central bank decisions. On BSE, BSE Mid Cap and Small Cap are trading higher since morning with a marginal gain of 0.37% and 0.33% respectively. On sectoral front, BSE Health Care and BSE Metal are leading the market, up around a percent each while on the flip side, BSE FMCG and Capital Goods are losing most of the ground, down around 0.75% each.Further the market breadth stands slightly positive with 647 shares advancing against 494 declining shares.

Tuesday, 21 January 2014

Precious metals on COMEX were trading higher in the early morning trading session but later on erased it gains and trading in red as we write this. Actively traded Gold contract is down 2.70 points or 0.22% to trade at 1249.20 while front month Silver futures tested a low of 20.045 before settling at 20.085, decline by 1.08% or 22 cents an ounce. On NYMEX, Crude Oil were trading lower and tested a low of 93.43 but later on recovered all the losses and trading almost flat at 94.28 per barrel. Base metals prices on LME are trading lower since morning with Copper trading at 7287.25, down 27.25 points or 0.37% after having tested a low of 7271.00 while Aluminum is losing most of the ground, down almost a percent or 14.75 points to trade at 1789.75, followed by rest of the metals which are declining more or less half a percent.

The market opened marginally higher on Tuesday, tracking positive Asian cues. The Sensex rose 48.68 points to 21,253.73, and the Nifty gained 12.95 points at 6,316.90.Indian stock advanced for a second day, led by metal makers, after the government said it will sell its stake in the nation’s biggest zinc producer. The rupee started off trade with marginal gains of 9 paise at 61.53 per dollar as against previous day's closing value of 61.62 per dollar. The dollar index is little changed above 81.11, having drifted off a two-month high of 81.296 yesterday in subdued trading due in part to the US holiday. Against the yen, the greenback edged up to 104.16 from 103.865. Globally, in opening trade, Asian markets were trading higher. Nikkei gained 1.07 percent, Straits Times was up 0.17 percent and Seoul Composite rose 0.28 percent. In Asia, attention will remain squarely on Bank of Japan's policy meeting commencing later today. Meanwhile in China, the seven-day repurchase rate hit its second highest level since December. People's Bank of China said it would give commercial banks emergency funding. On BSE, Mid cap and Small Cap are trading higher by 0.61% and 0.34% respectively. On sectoral front, Auto is the top gainer to edge 1.45% and on flipside, IT is the worst performing sector to ease 0.54% as we write this.Further the market breath stands positive with 992 shares were seen advancing against 531 declining shares.

Monday, 20 January 2014

Key benchmark indices edged higher on first trading day of the week after Reserve Bank of India (RBI) announced Open Market Operations to ease the strain on liquidity in the banking system. The BSE Sensex, garnered 141.43 points or 0.67%, off 16.32 points from the day's high and CNX Nifty shut shop up by 42 points (0.68%) ay 6304.

The market breadth, indicating the overall health of the market, once again turned positive from negative in late trade. In Nifty50 stocks the advances to declines stood at 29 advances to 21 declines. Sectorwise in NSE, CNXIT was the top performer (up by 2.73%) whereas CNX Energy was the top laggard (down by 0.75%).

Precious metals are trading flat today with Gold trading at 1254.0, +0.21% and Silver is at 20.32, up by 0.08% as we write this. Intraday outlook remains neutral and we can see a range bound session ahead. Base metals prices on LME are trading lower with an exception of Lead which is marginally higher by 0.39% at 2210.0 while rest of the metals are trading lower today. Copper is at 7309.0, down by 0.20% while Nickel is at 14366.0, lower by 0.92%. Short term outlook remains negative for Base metals. Crude Oil and Natural Gas on NYM are at 93.85 and 4.27, down by 0.84% and 1.20% respectively. Intraday view stands negative for Crude Oil and Natural Gas.US banks are closed today in observance of Martin Luther King Day.

The market started off trade on flat note on Monday following mixed Asian cues. The Sensex fell 45.38 points to 21,018.24, and the Nifty declined 14.05 points to 6,247.60. The rupee declined in the early trade on Monday. It has opened lower by 11 paise at 61.67 per dollar as against Friday's closing value of 61.55. Meanwhile, the US dollar started at near a two-month high, having enjoyed a solid comeback last week after a string of mostly upbeat data convinced markets the Federal Reserve will continue its gradual withdrawal of stimulus. Asian markets opened mostly lower on Monday. Shanghai Composite was down 0.18 percent, Nikkei declined 0.77 percent and Straits Times shed 0.48 percent. On BSE, Midcap and small cap are trading higher by 0.29% and 0.47% respectively. On sectoral front, Teck is the top ginner to gain 0.52% while Oil and Gas is the worst performer to ease 0.66%.Further the market breath stands positive with 853 shares seen advancing against 635 declining shares.

Friday, 17 January 2014

Key benchmark indices edged lower in choppy trade as IT major TCS' stock tumbled inspite of healthy result and private sector bank HDFC Bank reported a decline in net interest margin in Q3 December 2013. HDFC Bank dropped in choppy trade. The S&P BSE Sensex, lost 201.56 points or 0.95%, up about 45 points from the day's low and off about 205 points from the day's high. CNX Nifty shut shop at 6261 down by 57 points (-0.91%).

The market breadth, indicating the overall health of the market, was weak. In Nifty50 stocks the advance to decline stands at 18 advances to 32 declines, the market breadth was even more pathetic in Nifty Midcap50 with only 8 advances to 42 declines. All sectors traded in NSE closed in the red with CNX Realty & CNX IT leading the fall , followed by CNXBank

Precious metals are trading marginally higher with Gold trading at 1242.50, +2.30 points or 0.18% and Silver is at 20.08, up by 3 cents or 0.15% at the time of writing this. Intraday view remains negative and we can see prices drifting lower in the following sessions. Crude Oil and Natural Gas on NYM are at 94.43 and 4.6 respectively. Crude Oil is at +0.47% and Natural Gas is lower by 0.50%. Bias for Crude Oil remains neutral while that for Natural Gas stands bearish. Base metals on LME are trading negative with Copper trading at 7289.0, lower by 0.37% and Nickel is at 14554.0, lower by 0.42% as we write this. Intraday bias remains negative for Base Metals.

The market opened on a flat note. The Sensex is down 35.11 points at 21230.07, and the Nifty is down 12.65 points at 6306.25. Indian rupee opened higher at 61.50 against US dollar on Friday versus previous day's closing value of 61.53 per dollar. The US dollar fades a little in early trade after two days of gains, as a run of mixed US economic data left the market uncertain about its future direction. Wall Street closed Thurdsay lower on disappointing earnings. The S&P 500 slipped from its record highs. Europe too closed in the red while Asia is soft in morning trade. Small cap are is trading lower by 0.13% and Small Cap is up by 0.01%. On sectoral front, IT is the worst performer to ease 1.55% while Auto is the top gainer to edge up 0.79%.Further the market breath stands neutral with advance decline ratio stands at 1:1.

Thursday, 16 January 2014

The Indian benchmarks ended the day on a flat note on January 16, 2014. The indexes opened flat and the high of the day was made almost within few minutes. Then indexes started drifting downward and moved in a band. The market closed on a flat note but Nifty managed to hold the 6300-level. The Sensex was down 24.31 points at 21265.18, and the Nifty ended at 6318.90, down 2.00 points. The BSE Midcap index and the BSE Small Cap Index closed in red with the loss of nearly one- tenth of a percentage point and quarter of a percentage point respectively. The top five sensex gainers were Coal India, Hindalco Ind, Wipro, HDFC & BHEL. While, on the losing side, top losers were Bharti Airtel, Tata Motors, Sun Pharma, ONGC & Cipla . On the sectoral front, indexes traded mixed. The BSE Metal Index closed as the biggest gainer with the gain of one and three-forth of a percentage point. On the other hand the BSE Auto Index closed as the biggest looser with the loss of nearly nine-tens of a percentage point.

Further, the market breadth closed negative as three stocks were seen advancing against four declining stocks.

Precious metals are trading in red with the actively traded Gold contract is at 1236.70, lower by 0.13% and Silver is at 20.04, lower by 0.52% at the time of writing this. The near term outlook remains negative and we expect prices to drift lower in the coming hours. An important support for Gold comes around 1235.0 and that for Silver is at 20.0 an ounce. Base metals on LME are trading mixed with Aluminum and Nickel are trading in green while Copper along with Lead and Zinc is trading lower as we write this. 3-month Copper is lower by 0.56% at 7311.0 while Nickel is up by 0.45% at 14585.0. The near term outlook remains negative for industrial metals. Crude Oil prices on NYM are at 93.96, lower by 0.21% and Natural gas is at 4.38, higher by 1.41%. Intraday view on Crude oil is still negative and we expect prices to lower in the coming hours. On data front, US Jobless Claims weekly data is set to be released at 7.00 PM by the Dept. of Labor which may set short term direction for commodity prices.

The market has opened in green terrain ahead of key corporate earnings scheduled today. The Sensex is up 67.20 points at 21356.69, and the Nifty adds 20.45 points at 6341.35. The Indian rupee opened lower by 10 paise at 61.64 per dollar versus 61.54 Wednesday. The US dollar trades at a near one-week high against a basket of major currencies early this morning, having returned to levels seen before last week's soft payrolls data as faith in the US economic recovery was restored. On global front, United States’ Wall Street continued its rally on Wednesday with the S&P 500 erasing its 2014 losses and closing at a record on upbeat economic data and earnings from Bank of America. Europe too closed higher and Asia is positive in morning trade. On BSE, Midcap and Small cap are trading higher by 0.12% and 0.24% respectively. On sectoral front, Metal is the top gainer to edge 1.39% while Auto is the worst performer to ease 0.26% as we write this.

Further the market breath stands positive with 863 shares are seen advancing against 689 declining shares.

Wednesday, 15 January 2014

The Indian benchmarks ended the day on a positive note on January 15, 2014. The indexes opened flat and started inching upward consistently. It was in the middle part of the day that there was a sharp dip. But indexes rebounded quickly to scale a new high for the day. They also closed near the day’s high. The market went up sharply on the back of better than expected December WPI numbers which eased to a five month low. The Nifty ended above the 6300-level, first time after 1st January. The Nifty closed at 6320.90, up 79.05 points. The Sensex gained 256.61 points at 21289.49.The BSE Midcap index and the BSE Small Cap Index closed in green with the gain of nearly one- fifth of a percentage point and one-third of a percentage point respectively. The top five sensex gainers were L&T, HDFC, SSLT, BHEL & ICICI Bank. On the sectoral front, all indexes except two closed in green. The BSE Capital Goods Index closed as the biggest gainer with the gain of nearly two percentage point. On the other hand the BSE Consumer Durables Index closed as the biggest looser with the loss of three-forth of a percentage point.

Further, the market breadth closed neutral as one stock was seen advancing against each declining stock.

Precious metals on CMX are trading lower since morning due to global growth prospects as US economic releases improved from the previous figure. Actively traded Gold contract is down 0.72% or 9 points to trade at 1236.40 while Silver tested a low of 20.02 before settling at 20.03, lower by 1.22% or 0.25 cents an ounce. Base metals prices on LME were losing significantly in the early morning session but later on recovered some of losses with the help of weaker dollar against the other currencies. 3-month Copper tested a low of 7250.00 before settling at 7267.25, down 30 points or 0.41% while Zinc is losing most of the ground, fell 0.83% or 17.25 points to trade at 2051, and followed by rest of the metals. Energy prices on NYMEX are trading silent since morning with Crude Oil trading at 92.73, up 0.14 points or 0.15% while Natural Gas is trading at 4.36 with a meager decline of 0.21% per mmbtu.